By Muhammad Soban ISLAMABAD, November 11 (INP-WealthPK): Digital economy is the fourth industrial revolution concept, which has changed the dynamics of the world economy. Countries around the globe are digitalising their economies swiftly. Digital economy with the use of information technology (IT) allows individuals and institutions to perform their tasks faster, better, and more efficiently than traditional methods. Pakistan introduced its first "Digital Pakistan Policy" in 2018 and now it is moving fast towards digitalising its economy. In this regard, the Ministry of IT, Pakistan Software Export Board, Nadra, and regulators (including the SPB and SECP) are doing their best to build a suitable environment. This digitisation process has positively affected every sector of the economy in Pakistan, and it particularly geared up during the Covid-19 pandemic. Digitalising economies are multi-faceted concepts. There are six fundamental components of the digital economy: high-speed internet access, digital identity framework and multi-sided platforms that provide the foundations for effective digital citizenship, digital lifestyle, and global digital commerce. Pakistan is putting in a lot of efforts in different sectors for digitalisation. These are briefly discussed as follows. Information Technology: Telecom sector is the backbone of digitalisation of an economy. According to IT Ministry, 95 million people use 3G/4G services in Pakistan, and the internet adoption rate is 23 percent annually. The telecom sector is contributing $17 billion (5.5 percent of GDP). According to the GSMA intelligence report, Pakistan's telecom sector potential will reach $24 billion in 2023. Fintech: The State Bank of Pakistan (SBP) is taking steps towards fintech and financial inclusion. Banking sector has started its services through mobile banking. Easypaisa, Jazz Cash, and UPaisa are digital wallets, providing facilities to remote areas where conventional banking is impossible. SBP has launched Raast, Pakistan's indigenous instant payment application, that is opening the way towards digital transactions. E-Education: In the world of digitalisation, a new concept of online education has started, but it accelerated after the Covid-19 pandemic. Online education is being provided by universities and technical institutes. National Freelance Training Programme (NFTP) and e-Rozgar programme are providing online skill education to youth. Pakistan is producing 10,000 freelancers every year who are earning valuable capital for Pakistan. Pakistan is currently on the second highest position in the world in terms of large number of freelancers. Transport: Digitalisation is revolutionising the transport sector. The National Highway Authority (NHA) has launched an app featuring two tools – Journey Planning and Interactive Maps – to help commuters plan trips. Private transport companies have also started digitising their businesses by offering services online. There has also been rapid growth in ride-hailing services such as Bykea, In-Driver, Careem, and Uber, which are now available in major cities in Pakistan. Still, there is great potential for their business in the second and third tier of cities. Policing and e-courts: Pakistan has started digitising police departments. The concept of e-FIR, e-challan, and other police services has been introduced. The government of Pakistan has also provided online court facilities. E-commerce: In the world of digital economy, the concept of online business is trendy, and it is a billion-dollar industry. The idea of e-commerce in Pakistan is also promoting rapidly. Pakistan's e-commerce industry is the 46^th largest in the world.  The total revenues of the e-commerce industry are almost $5 billion. Tourism: There is a great potential for tourism in Pakistan. According to the Government of Pakistan, the tourism industry is expected to contribute $6.2 billion by 2025. To promote tourism in Pakistan, the government has started e-visa services for foreigners and also launched mobile applications. It can be concluded that this process of digitalising economy will change the fate of Pakistan. There is a lot to do to make Pakistan's economy digital. The government needs to introduce inclusive digital policy by including the private sector. There is a need for more spectrums, and "Internet for all" policy should be launched to promote the internet use across Pakistan. These steps would help speed up the digitalising of economy that will increase business activity, generate revenue, and increase transparency in Pakistan.